Bankruptcy

HALLSTROM KLEIN & WARD LLP assists both debtors and creditors with bankruptcy filings, preference actions, contested matters, and with other bankruptcy and insolvency issues. These insolvency related litigation matters include: fraudulent transfer actions, the appointment of receivers, lender liability cases, use of cash collateral matters, valuation and “cramdown” issues, and the repossession and disposition of assets by secured lenders. We also represent clients in restructurings and out of court workouts.

Our firm’s attorneys provide a wide range of services to the stakeholders of ailing businesses. In addition to the debtor, these parties-in-interest include the debtor’s officers, directors, creditor committees, landlords, lessors of equipment, shareholders, and secured lenders. As an example of the aggressive role we take in representing our clients, the firm’s managing partner served as the Chairman of the Clothestime Creditor Committee.

In order to successfully represent you in a difficult bankruptcy situation, we draw upon our expertise in ancillary areas of law.

We have experience litigating director liability issues of insolvent companies, and can adequately advise boards and individual directors on the proper exercise of their responsibilities when their fiduciary duty shifts due to insolvency. Because of our strong intellectual property practice, we are well positioned to deal with technology licensing in bankruptcy and pre-bankruptcy restructurings, and to craft agreements to minimize complications due to bankruptcy. The depth of our real estate experience is a resource we draw on when representing landlords and tenants, or in dealing with other real estate issues in bankruptcy proceedings. Clients who purchase assets of distressed companies benefit from our strong commercial transaction practice because we are familiar with the difficult fraudulent transfer issues involved in these transactions.

A Winning Team Approach

The seasoned professionals in our various practice areas work together as a team to help our clients when they face challenges that arise from an ailing business. Our multidisciplinary approach provides us with strong resources to help our clients achieve the outcome they desire. Our litigation experience enables us to minimize our client’s exposure to claims when we help them restructure their business.

Subchapter V Bankruptcy for Small Businesses

The Small Business Debtor Reorganization Act of 2019 streamlined provisions of Chapter 11 to allow small businesses and their owners to spread the repayment of their debt over 3 to 5 years, similar to a Chapter 13 reorganization for individuals, and at the end of the repayment period eliminate the rest of the debt that cannot be repaid by the plan payments.

Subchapter V (Roman numeral 5) of Chapter 11 is designed to provide a streamlined approach to reorganizing small business debtors. For more information regarding Subchapter V reorganization call our experienced bankruptcy attorneys.

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Paul’s ability to (a) re-think his strategies in the face of the actions of the opposition and some of the earlier decisions of the bankruptcy court together with (b) Paul’s work ethic led to some great wins which changed my life.